Seasonal corporate demand buoys peso

The Philippine peso appreciated against the US dollar Monday, on the back of seasonal corporate demand.

The local unit closed at P50.460:$1, gaining 11 centavos from the 50.570 on Friday.

"There were month-end flows, most likely corporate month-end flows, and due to that the dollar-peso pair traded lower," a foreign exchange trader from a local bank said.

The peso usually strengthens against the greenback at the end of the month, with businesses trying to meet their dollar requirements, the trader noted.

"The US GDP (gross domestic product) came in better than expected but [the dollar-peso pair] still closed lower," he added. — Jon Viktor Cabuenas/VDS, GMA News

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